[A-List] Re: [gang8] Iraq/Russian debt forgiveness

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

As economists know, debt forgiveness is paid for eventually by higher
interst rates for the forgiven debtors in future borrowings.  What
Russia needs to demand is compensation for destruction of Russia
property, which Russian credit to Iraq is, from the illegal US war on
Iraq.  It should threaten to seize US assets within Russian juridiction
for compensation.  There is nothing to forgive to a debtor already
non-existent.  Death relieves all debts, including taxes.  But the
creditor can sue the murderer of the debtor for damages.

Henry

Hudsonmi@xxxxxxx wrote:
> An intereting development has occurred with regard to debt forgiveness.
> Russia has agreed to forgive Iraq's $6 billion debt to it, on the
> condition that the West forgives Russia's debt.
>       The US is happy with this, as it will screw Germany and France
> primarily.
>       Putin said that the debt forgiveness must be negotiated through
> the IMF, on basic principles -- principles that will free Russia from
> obligation to pay, at least as much (and probably more) than it frees Iraq.
>       This will cast Germany, France and the EC in the position of
> creditor bad-guys opposing a reasonable settlement.
>       The real question is the extent to which this Clean Slate may be
> extended to third world debtors whose regimes ran up odious debts.
>
> Michael
> Yahoo! Groups Sponsor
> ADVERTISEMENT
> <http://rd.yahoo.com/M=246920.2960106.4328965.1728375/D=egroupweb/S=1705909556:HM/A=1513704/R=0/*http://www.gotomypc.com/u/tr/yh/cpm/grp/300_02F/g22lp?Target=mm/g22lp.tmpl>
>
>
>
> The gang8 list is devoted to Creditary Economics.
> To unsubscribe, email: gang8-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
> Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service
> <http://docs.yahoo.com/info/terms/>.